Kerala HC upholds proviso to section 194A(3) of Income tax Act, 1961 for high-turnover co-operative societies
The Hon’ble Kerala High Court (hereinafter referred to as ‘the Court’) in the case of Vellangallur Peoples Welfare Co-Operative Society Ltd v. Union of India has upheld the Finance Act 2020 amendment to Section 194A(3) of the Income Tax Act, 1961 (‘the Act’) which requires co‑operative societies with annual turnover over INR 50 crore to deduct tax at source (TDS) on interest paid to members.
